Close project contracts
Completion of the project implies the termination of all contractual relations in force during the period of its implementation, i.e. administrative closure of contracts and the implementation of all payments for the project, stipulated by contracts.
The main activities to close the contract:
- audit of financial statements;
- detection of outstanding obligations;
- Completion of outstanding obligations;
- warranty service and final settlement.
Verifying Financial Reporting includes:
- check the completeness of the billing statement for the entire amount of work in progress;
- approval of received payments with submitted invoices;
- checking for documentation of changes;
- control of the amount of deductions made by the customer;
- checking payments to suppliers and subcontractors
- the correspondence of the amount of orders to purchases on suppliers' invoices;
- search for late payments to the provider;
- confirmation of the relevant deductions.
Certification - is the registration of the contractor's documents confirming the compliance of all elements of the project with standards, specifications and other quality requirements.
Identify and complete outstanding obligations. At the closing stage, as a result of the inspection, work volumes are set that do not require additional efforts and are ready for closing, and the amount of work that requires completion to fulfill contractual obligations. The final decision to complete the outstanding obligations remains with the customer.
If the work is not completed in time, the issue of changing the contract is being considered. All changes are approved by the customer.
Closing a contract must be accompanied by the completion of settlements on it.
Warranty service of the project's products is carried out after the contract closure by a special functional group. This group is transferred to:
- technical information;
- learning tools;
- the operation manual;
- test results;
- Various materials from suppliers.
The terms of warranty service are stipulated in the contract.
Acceptance of the completed construction of the object is formalized by an act of established form. The act is accompanied by sets of legal, technical and technological documentation.
Will post the project
Postaudit is defined as an objective and independent evaluation of the effectiveness and appropriateness of spending in the process of project implementation. The evaluation should include the implementation of the project from its approval to commissioning, as well as its technical and financial functioning after its commissioning. Statistical studies carried out in the UK indicate that 48% of surveyed firms regularly postpone most posts in projects.
Postaudit is aimed at the following main objectives:
1) improving the quality of existing investment decisions. The possibility that the methods, reasoning and assumptions that guided the manager, can be audited in the future, can be considered as a stimulating factor that encourages the manager to improve the quality and reliability of information;
2) improving the quality of future investment decisions. Postaudit should provide timely feedback and provide information on why the project failed to reach the promised level and, thus, reduce the likelihood of failure in the implementation of future projects;
3) initiating activities to make adjustments to existing projects.
Although postaudit is a rather expensive procedure, its use makes it possible to significantly improve the efficiency of the project activity.
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